{"id":642232,"date":"2023-04-27T22:06:04","date_gmt":"2023-04-28T03:06:04","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/04\/27\/isg-stays-bullish-despite-mixed-2022-financial-performance\/"},"modified":"2023-04-27T22:06:04","modified_gmt":"2023-04-28T03:06:04","slug":"isg-stays-bullish-despite-mixed-2022-financial-performance","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/04\/27\/isg-stays-bullish-despite-mixed-2022-financial-performance\/","title":{"rendered":"ISG stays bullish despite mixed 2022 financial performance"},"content":{"rendered":"
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\"Sunset-Studios-1024x683.jpg\" <\/p>\n

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ISG Ltd has reported flat revenue and lower pre-tax profit figures for 2022, although the contractor noted in its annual report that it still ended the year with zero debt, a strong cash position and a record forward-order book.<\/p>\n

The construction division of ISG (which also includes logistics and distribution), saw revenue drop marginally by about \u00a32.5m to \u00a31.197bn in 2022, although its forward-order book surged from \u00a31.09bn in 2021 to \u00a31.32bn.<\/p>\n

In his assessment of 2022 performance, ISG chief executive Matt Blowers acknowledged challenges from Covid, high inflation and the repercussions of the ongoing war in Ukraine, adding that these and other factors \u201cresulted in some projects being put on hold or scaled back\u201d last year.<\/p>\n

One of these was the Britishvolt gigafactory in Northumberland, the future of which was thrown into doubt when the company entered administration in January 2023<\/a>.<\/p>\n

Revenue from ISG\u2019s fit-out operation dropped to \u00a3989m in 2022 compared with \u00a31.03bn the year before, while its forward orders at year-end increased by \u00a398m to \u00a3576.2m.<\/p>\n

ISG said the outlook for fit-out was coloured by \u201cturbulence in the UK economy in terms of inflation and the projected medium-term recession\u201d, but it was confident that \u201cthe pipeline of opportunities across many sectors and geographies remains buoyant\u201d.<\/p>\n

The contractor is seeking to exploit the potential of modern methods of construction, after acquiring a majority stake in Irish modular specialist Kardomagh Holdings Ltd (ESS Group) in March 2022.<\/p>\n

The annual report stated: \u201cISG recognised an opportunity to unlock significant growth potential and value from this underperforming business through simplification of the ESS offer and realising efficiencies in the manufacturing and onsite delivery processes\u2026 ISG continues to work in partnership with ESS on key public sector frameworks, with ESS also exploring opportunities to collaborate with peers both in the UK and overseas.\u201d<\/p>\n

ISG Ltd financial performance 2022<\/h3>\n\n\n\n\n\n\n\n\n
<\/td>\n2022<\/td>\n2021<\/td>\n% +\/-<\/td>\n<\/tr>\n
Revenue<\/td>\n\u00a32.2bn<\/td>\n\u00a32.2bn<\/td>\n0<\/td>\n<\/tr>\n
Pre-tax profit<\/td>\n\u00a311.5m<\/td>\n\u00a318.5m<\/td>\n-37.8<\/td>\n<\/tr>\n
Forward-order book, 31 December<\/td>\n\u00a31.9bn<\/td>\n\u00a31.6bn<\/td>\n+18.7<\/td>\n<\/tr>\n
Net cash position, 31 December<\/td>\n\u00a3104.7m<\/td>\n\u00a3119.9m<\/td>\n-12.7<\/td>\n<\/tr>\n
Source: ISG<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

ISG won a \u00a3300m design-and-build contract to deliver the Britishvolt factory at Cambois in December 2020<\/a>. After being appointed to the job, ISG owner William Harrison joined the board of Britishvolt in March 2021. A spokesperson for the contractor told Construction News<\/em> last month<\/a> that it was paid in full for the work it delivered.<\/p>\n

Britishvolt was acquired by Australia-headquartered Recharge Industries this February. It is uncertain whether ISG will play a part if and when work resumes on site, although the contractor is on record as saying it was keen to engage with Recharge.<\/p>\n

On a more positive note, major project wins for ISG last year included a pre-construction deal<\/a> for the Sunset Waltham Cross Studios expansion (pictured) in Broxbourne, worth about \u00a3600m, with ISG noting that it continues to seek opportunities in the growing film studios industry.<\/p>\n

Major ongoing projects include the The Royal Marsden\u2019s Oak Cancer Centre and UCL\u2019s Institute of Neurology, and ISG (number five in the CN100<\/a> list in 2022) said it was \u201ctargeting further work following our successful appointment on the ProCure23 framework \u2013 the Crown Commercial Service\u2019s new construction framework in partnership with NHS England and NHS Improvement\u201d.<\/p>\n

ISG is also delivering projects as diverse as the HMP Birmingham expansion for the Ministry of Justice and a distillery on the Scottish island of Islay.<\/p>\n<\/p><\/div>\n

Related articles<\/h3>\n<\/p><\/div>\n

Read More<\/a>
\n Ben Vogel<\/p>\n","protected":false},"excerpt":{"rendered":"

ISG Ltd has reported flat revenue and lower pre-tax profit figures for 2022, although the contractor noted in its annual report that it still ended the year with zero debt, a strong cash position and a record forward-order book. The construction division of ISG (which also includes logistics and distribution), saw revenue drop marginally by<\/p>\n","protected":false},"author":1,"featured_media":642233,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4633,24123],"tags":[],"class_list":{"0":"post-642232","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bullish","8":"category-stays"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/642232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=642232"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/642232\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/642233"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=642232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=642232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=642232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}